Local Bourse sustains Bearish performance… ASI down 0.1%

Today, the local bourse extended its previous trading session losses due to sell-offs in FBNH (-6.5%), WAPCO (-2.0%), and GTCO (-0.8%). Accordingly, the benchmark Index fell 0.1% to 43,285.97 points while market capitalisation shed ₦33.4bn to ₦22.6tn. Consequently, YTD return weakened to 7.5%. Market activity dwindled as volume and value traded fell 20.8% and 57.2% respectively to 209.6m units and ₦2.6bn. STERLNBANK (60.2m units), ETRANZACT (14.1m units), and TRANSCORP (13.1m units) topped the volume chart while AIRTELAF (₦669.9m), NESTLE (₦465.3m), and GTCO (₦288.5m) led by value.

Performance across sectors within our coverage was mixed as 3 indices gained while 3 lost. The Insurance index led gainers, up 0.6% due to buying interest in MANSARD (+6.3%), MBENEFIT (+4.0%), and CUSTODIAN (+1.3%). Trailing, the AFR-ICT and Consumer Goods indices rose 0.2% and 0.1% respectively on the back of bargain hunting in AIRTELAF (+0.3%) and VITAFOAM (+10.0%). On the flip side, the Banking and Oil & Gas indices shed 0.2% apiece due to price depreciation in FBNH (-6.5%), GTCO (-0.8%), and OANDO (-1.0%). Meanwhile, loss in WAPCO (-2.0%) dragged the Industrial Goods index lower by 0.1%. 

Investor sentiment, as measured by market breadth (advance/decline ratio), weakened to 0.5x from 0.6x  as 12 stocks advanced while 23 stocks declined. ETRANZACT (+10.0%), VITAFOAM (+10.0%), and ACADEMY (+9.1%) led gainers while CHAMS (-8.7%), REGALINS (-7.5%), and UNITYBANK (-7.4%) led decliners. In the final trading session, we expect an extension of today’s bearish performance in the absence of a positive driver.

Market Statistics for Thursday, 18th November 2021 

Source: Afrinvest

Market Statistics for Thursday, 18th November 2021 

Source: Afrinvest